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SEC forces Elon Musk to resign as Tesla Chairman

Tesla CEO Elon Musk will step down as chairman of the electric car company. He will pay a $20 million fine under a settlement reached with the U.S Securities and Exchange Commission (SEC). Musk will remain CEO and keeps a seat on the board. Musk will resign as chairman of the Tesla board within 45 days. He will not seek reelection or accept an appointment as chairman for three years. Musk doesn’t have to admit or deny the SEC’s allegations as part of the agreement. This was caused by Elon tweeting out in August that he was thinking about taking
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